Manipal Education and Medical Group chairman Ranjan Pai may invest as much as $250-300 million in Aakash Institute, a subsidiary edtech firm BYJU’s, the Economic Times reported on Thursday. Separately, Infosys said it has extended its joint venture with Temasek Holdings for another five-year period.
Manipal Group’s Pai may invest $250-300m in BYJU’s Aakash
Manipal Education and Medical Group chairman Ranjan Pai may invest as much as $250-300 million in Aakash Institute, a subsidiary edtech firm BYJU’s, the Economic Times reported on Thursday.
While his initial plan was to invest around $70 million, he is now close to infusing $170 million in the first stage, with more to come later, the report said.
The funding will be used to clear BYJU’s outstanding debt to US-based Davidson Kempner.
BYJU’s has put its two subsidiaries—Great Learning and Epic—on sale to generate $800 million-$1 billion, as the ailing Indian edtech firm looks to repay its entire $1.2-billion term loan in less than six months, sources familiar with the matter told DealStreetAsia last month.
Infosys, Temasek extend JV for 5 years
Infosys on Thursday said it has extended its joint venture with Temasek Holdings for another five-year period.
Infosys and Temasek entered into a joint venture, known as iCompaz, in September 2018.
Infosys owns a 60% stake while Temasek owns a 40% stake in the joint venture, according to media reports.
“We look forward to extending our collaboration and the next phase of growth of iCompaz as it continues to provide quality digital services to companies in Southeast Asia. This engagement also enhances Temasek’s capabilities, and enables us to harness the potential that digital transformation brings,” Temasek chief technology officer Rao Baskara said.